Laurence Harbor, New Jersey Property Taxes
The median property tax rate in Laurence Harbor, NJ is 5.35%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Laurence Harbor, the typical annual property tax bill reaches $5,445, exceeding the national median of $2,690. Property taxes in Laurence Harbor are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Laurence Harbor's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Laurence Harbor or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurence Harbor, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.35%
Estimate Property Tax Bill
$5,660
Ownwell’s Laurence Harbor Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Laurence Harbor with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Laurence Harbor to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, scroll down to find more localized information. Your property’s assessed value is the value assigned by Middlesex County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Laurence Harbor, New Jersey
Property taxes in Laurence Harbor, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurence Harbor is 5.35%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Laurence Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurence Harbor estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Laurence Harbor's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08879 has the highest median property tax rate of 5.35%, while the same zip code also has the lowest median tax rate of 5.35%. Understanding how these cities compare with Laurence Harbor provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurence Harbor Tax Rate
5.35%
Average Middlesex County Tax Rate
5.10%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurence Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08879 | 4.83% | 5.29% | 5.35% | 5.35% | 5.35% |
Source: Ownwell
Property Tax Assessment Values Across Laurence Harbor, New Jersey
In Laurence Harbor, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Middlesex County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Laurence Harbor, the highest and lowest median tax bills are both $5,445, found in the 08879 zip code.
Property Tax Assessment Values Across Laurence Harbor, New Jersey
Source: Ownwell
$66,600
$322,300
$578,000
Average Laurence Harbor Assessed Value
$105,800
Average Middlesex County Assessed Value
$158,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurence Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08879 | $68,950 | $81,100 | $105,800 | $125,250 | $132,650 |
Source: Ownwell
Property Tax Bills Across Laurence Harbor, New Jersey
In Laurence Harbor, Middlesex County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. The tax rate is set annually by local government entities, including schools, municipalities, and counties, to meet their budgetary needs. Homeowners in Laurence Harbor face a median property tax bill of $5,445, which is significantly higher than the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. For instance, homeowners at the 25th percentile pay around $4,229, while those at the 75th percentile face bills of approximately $6,430. Even at the 90th percentile, tax bills can reach $7,091. These variations highlight the importance of understanding how property taxes are calculated and the potential impact on household finances.
Average Laurence Harbor Tax Bill
$5,445
Average Middlesex County Tax Bill
$7,840
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurence Harbor, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08879 | $3,603 | $4,229 | $5,445 | $6,430 | $7,091 |
Source: Ownwell